58:11B-10.2 - Loan Origination Fee Fund - New Jersey Statutes

58:11B-10.2  Loan Origination Fee Fund.1. a. There is established in the New Jersey Environmental Infrastructure Trust a special fund to be known as the Loan Origination Fee Fund.

The Loan Origination Fee Fund shall be credited with:

(1)moneys deposited into the fund as loan origination fees received by the Department of Environmental Protection and paid by project sponsors of wastewater treatment system projects or water supply projects financed under the New Jersey Environmental Infrastructure Financing Program; and

(2)any interest accumulated on the amounts of the loan origination fees.

b.Moneys in the Loan Origination Fee Fund shall be used exclusively by the Department of Environmental Protection solely for administrative and operating expenses incurred by the department in administering the New Jersey Environmental Infrastructure Financing Program, except that the total amount utilized by the department for administrative and operating expenses in any fiscal year shall not exceed $5,000,000.  Moneys in the fund shall be disbursed to the Department of the Treasury on an annual basis to meet the department's State revenue anticipation established within the annual appropriations act.  Amounts in excess of revenue anticipation shall be carried forward into the following year.

c.As used in this section, "loan origination fee" means the fee charged by the Department of Environmental Protection and financed under the trust loan to pay a portion of the costs incurred by the department in the implementation of the New Jersey Environmental Infrastructure Financing Program.

L.2005,c.202,s.1.